Regardless of the industry, the number one thing I hear from lenders is that they want more automation.
Of course they do! Why wouldn’t they want to increase callback speed and spend less of their team’s time on each application that comes in?
Who wouldn’t want to facilitate a more efficient interaction with their dealers?
The concept of a dealer underwriting his own deals can be complicated. Many of the origination systems on the market don’t even have a platform from which this can be done. Lenders have to consider what kind of authority levels they want to give to their dealers, if any, that may extend outside of the lender’s program guidelines. Lenders also would have to find a system that can handle transferring that deal to a live underwriter should it need to be reviewed.
One of the benefits of employing a virtual underwriter is that lenders are able to guide dealers towards acceptable loan structures that optimize the dealer’s profit, while staying inside of lender-defined tolerances. The lender maintains full control over the credit quality, structure tolerances, and the extent of automation involved.
With a virtual underwriter, lenders will never miss a deal again. This underwriter is available 24 hours a day, seven days a week. When combined with a highly functional dealer portal, and a built-in powerful Graphical Business Rules Management System, lenders can seamlessly leverage statistical, machine learning, or artificial intelligence powered risk assessment solutions to increase decision speed and efficiencies while minimizing errors and risk.
Here at Launcher, we have all of the tools you need to make automation possible. Our autoBOUGHT virtual underwriter brings lenders and their dealers auto-decisioning capabilities anytime, right from within appTRAKER LOS Dealer Portal.
If you think automation is a BETTER solution, visit us at www.launcher.solutions to learn more!